Vermont will give you $10,000 to move there: here's how

The state is offering new residents $5,000 a year and $10,000 in total

EMBRACE. FOCUS. EXECUTE. Build your 2019 roadmap to success with 4,000+ real estate leaders.
Inman Connect New York | January 29 - February 1, 2019

The state of Vermont has been trying to get more people to move there for years — and, now, the state is offering $10,000 to those who actually do.

On Wednesday, Vermont’s governor, Phil Scott, signed a law that gives those who move to the state and work remotely $5,000 a year, and up to $10,000 total, in tax credits. The New Remote Worker Grant Program, which will begin on Jan. 1, is aimed particularly at tech and various startup workers who often do their jobs outside a regular office and can live anywhere.

“The first day of the session, we asked ourselves, what sets Vermont apart from the rest of rural states in the country in attracting this growing remote work force,” Michael Sirotkin, senator of Vermont’s most populous county, told The New York Times.

To get the money, workers need to have a full-time job for an out-of-state company, be able to complete the work while physically located in Vermont and become a full-time resident of the state by Jan. 1, 2019.

Over the past decade, more and more Americans have started working remotely — one survey found that 43 percent of Americans spent some time working outside of their company’s office in 2016.

Vermont, which often ranks highly on quality of life and good housing affordability but has an aging population, has frequently encouraged young people to move there.

Now, the state hopes that the money will provide additional incentive — the tax credit will be available on a first-come, first-served basis until the state hits its grant cap of $125,000 in 2019 and $250,000 in 2020.

Email Veronika Bondarenko